In response to Russia’s ongoing invasion of Ukraine, the European Union continues (along with other countries) to announce additional sanctions against the Russian Federation and Belarus. Presently, sanctions include, inter alia, bans on the export and import of certain types of goods, doing business with sanctioned individuals and companies and restrictions on new investment activities in Russia.
The consequences of non-compliance with sanctions prohibitions are particularly severe, and include fines of up to CZK 50,000,000 per individual breach. Moreover, the willful breaching of sanctions may qualify as a criminal offence (by both the offending company and also the respective personnel involved) and thus be subject to even harsher penalties.
In light of the above, we advise our clients to: